Truxton Trust Company: Truxton Corporation Reports Second Quarter 2026 Results

NASHVILLE, Tenn., July 30, 2026 (GLOBE NEWSWIRE) -- Truxton Corporation, the parent company for Truxton Trust Company ("Truxton" or "the Bank") and subsidiaries, announced its operating results for the quarter ended June 30, 2026. Second quarter net income attributable to common shareholders was $6.88 million, or $2.38 per diluted share, compared to $5.32 million, or $1.84 per diluted share, for the same quarter in 2025.

Key Highlights

• Non-interest income was $6.7 million in the second quarter of 2026, which was $351 thousand higher than the first quarter of 2026 and $560 thousand higher than the second quarter of 2025, which included a significant capital advisory fee. Wealth revenue in the second quarter of 2026 was $6.2 million, up 3% from $6.0 million in the prior quarter and up 19% from $5.2 million in the same period in the prior year.
• Net interest income, pre-provision, was $10.1 million in the second quarter of 2026, down 3% from $10.4 million in the first quarter of 2026 and up 19% from $8.5 million in the second quarter of 2025.
• Loans decreased 1% to $804 million at quarter end compared to $808 million at March 31, 2026, and were up 16% compared to $691 million at June 30, 2025. Quarterly average loan balances were $803 million for the second quarter of 2026, down 2% from $824 million in the first quarter of 2026 and up 16% from $692 million in the second quarter of 2025.
• Total deposits decreased by 5% from $1.18 billion at March 31, 2026 to $1.12 billion at June 30, 2026, and were 7% higher in comparison to $1.05 billion at June 30, 2025. This decline was caused by a decrease of $94 million in wholesale deposits from March 31, 2026, to June 30, 2026.
• Net interest margin for the second quarter of 2026 was 3.10%, a decrease of 8 basis points from the 3.18% experienced in the quarter ended March 31, 2026, and an increase of 21 basis points from the 2.89% recorded in the quarter ended June 30, 2025. Cost of funds was 2.76% in the second quarter of 2026, up from 2.70% for the quarter ended March 31, 2026, and down from 3.01% for the quarter ended June 30, 2025.
• Asset quality remains sound at Truxton. The Bank had $116 thousand of non-performing assets at June 30, 2026 compared to $120 thousand at March 31, 2026 and $0 at June 30, 2025.
• Allowance for credit losses on loans, excluding that for unfunded commitments, was $7.4 million at quarter end June 30, 2026, compared to $7.4 million at March 31, 2026, and $6.7 million at June 30, 2025. For those three periods, such allowance amounts were 0.92%, 0.91%, and 0.97% of gross loans outstanding at the respective period end. For the same three periods, the Bank's allowance for unfunded commitments was $814 thousand, $629 thousand, and $729 thousand, respectively.
• The Bank's capital position remains strong. Its Tier 1 leverage ratio was 9.27% at June 30, 2026, compared to 8.85% at March 31, 2026, and 9.36% at June 30, 2025. Book value per common share was $43.11, $41.36, and $35.75 at June 30, 2026, March 31, 2026, and June 30, 2025, respectively.
• During the three months ended June 30, 2026, Truxton Corporation paid dividends of $0.88 per common share, and repurchased 1,100 shares of its common stock for $106 thousand in the aggregate, or an average price of $96.00 per share.
  

About Truxton
Truxton is a premier provider of wealth, banking, and family office services for wealthy individuals, their families, and their business interests. Serving clients across the world, Truxton's vastly experienced team of professionals provides customized solutions to its clients' complex financial needs. Founded in 2004 in Nashville, Tennessee, Truxton upholds its original guiding principle: do the right thing. Truxton Trust Company is a subsidiary of financial holding company, Truxton Corporation (OTCID: TRUX). For more information, visit truxtontrust.com.

Investor Relations	Media Relations
Austin Branstetter	Swan Burrus
615-250-0783	615-250-0773
[e-mail]	[e-mail]

Truxton Corporation
Consolidated Balance Sheets
(000's)
(Unaudited)
	June 30, 2026*			March 31, 2026*			June 30, 2025*
ASSETS
Cash and due from financial institutions	-	5,269		-	5,054		-	5,821
Restricted cash		400			770			880
Interest-bearing deposits in other financial institutions		10,961			19,114			19,312
Federal funds sold		1,500			4,540			64
Cash and cash equivalents		18,130			29,478			26,077
Time deposits in other financial institutions		-			-			245
Available-for-sale securities		492,163			493,948			492,758
Allowance for credit losses on securities		(342	-		(620	-		-
Available-for-sale securities, net		491,821			493,328			492,758
Loans		803,705			807,765			690,840
Allowance for credit losses on loans		(7,386	-		(7,369	-		(6,689	-
Net loans		796,319			800,396			684,151
Bank owned life insurance		17,619			17,464			17,009
Restricted equity securities		5,994			4,292			4,977
Premises and equipment, net		2,664			2,790			3,091
Accrued interest receivable		5,967			5,792			5,574
Deferred tax asset, net		3,915			4,074			5,389
Other assets		23,990			13,643			16,191
Total assets	-	1,366,419		-	1,371,257		-	1,255,462
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Noninterest-bearing	-	136,136		-	142,061		-	129,228
Interest-bearing		988,009			1,042,006			919,238
Total deposits		1,124,145			1,184,067			1,048,466
Federal Home Loan Bank advances		86,000			56,096			72,000
Federal Reserve Bank borrowings		16,000			-			4,324
Subordinated debentures		-			-			14,638
Other liabilities		15,739			11,658			13,184
Total liabilities		1,241,884			1,251,821			1,152,612
Shareholders' equity
Common stock, $0.10 par value		287			287			284
Additional paid-in capital		29,716			29,401			28,857
Retained earnings		101,158			96,825			84,335
Accumulated other comprehensive loss		(6,626	-		(7,077	-		(10,626	-
Total shareholders' equity		124,535			119,436			102,850
Total liabilities and shareholders' equity	-	1,366,419		-	1,371,257		-	1,255,462
*The information is preliminary, unaudited and based on company data available at the time of presentation.

Truxton Corporation
Consolidated Statements of Net Income
(000's)
(Unaudited)
	Three Months Ended												Year To Date
	June 30, 2026*				March 31, 2026*				June 30, 2025*				June 30, 2026*				June 30, 2025*
Noninterest income
Wealth management services	-	6,219			-	6,011			-	5,208			-	12,230			-	10,546
Advisory services		57				15				459				72				1,014
Service charges on deposit accounts		85				91				92				176				163
Bank owned life insurance income		155				152				146				307				287
Other		185				112				236				297				512
Total noninterest income		6,701				6,381				6,141				13,082				12,522
Interest income
Loans, including fees		12,346				12,453				10,882				24,799				21,260
Taxable securities		5,400				5,527				5,308				10,927				8,679
Tax-exempt securities		607				595				377				1,202				559
Interest-bearing deposits in other financial institutions		252				204				320				456				646
Federal funds sold		41				56				24				97				58
Total interest income		18,646				18,835				16,911				37,481				31,202
Interest expense
Deposits		7,924				7,941				7,719				15,865				14,318
Subordinated debentures and other		-				-				188				-				376
Short-term borrowings		28				9				108				37				168
Long-term borrowings		632				466				433				1,098				632
Total interest expense		8,584				8,416				8,448				17,000				15,494
Net interest income		10,062				10,419				8,463				20,481				15,708
Provision for credit losses on available-for-sale securities		(278	-			-				-				(278	-			-
Provision for credit losses on loans		201				(156	-			120				45				510
Net interest income after provision for credit losses		10,139				10,575				8,343				20,714				15,198
Total revenue, net		16,840				16,956				14,484				33,796				27,720
Noninterest expense
Compensation and employee benefits		5,546				5,877				5,655				11,423				10,700
Occupancy		362				337				336				699				687
Furniture and equipment		108				107				106				215				215
Data processing		608				594				414				1,202				822
Wealth management processing fees		211				213				214				424				429
Advertising and public relations		48				41				79				89				132
Professional services		271				237				306				508				528
FDIC insurance assessments		465				355				150				820				258
Other		614				605				430				1,219				902
Total noninterest expense		8,233				8,366				7,690				16,599				14,673
Income before income taxes		8,607				8,590				6,794				17,197				13,047
Income tax expense		1,731				1,792				1,473				3,523				2,675
Net income	-	6,876		-	-	6,798			-	5,321	-	-	-	13,674			-	10,372
Earnings per share:
Basic	-	2.38			-	2.36			-	1.85			-	4.74			-	3.60
Diluted	-	2.38			-	2.35			-	1.84			-	4.73			-	3.59
*The information is preliminary, unaudited and based on company data available at the time of presentation.

Truxton Corporation
Selected Quarterly Financial data
At Or For The Three Months Ended
(000's)
(Unaudited)
	June 30, 2026*				March 31, 2026*				June 30, 2025*
Per Common Share Data
Net income attributable to common shareholders, per share:
Basic	-	2.38			-	2.36			-	1.85
Diluted	-	2.38			-	2.35			-	1.84
Book value per common share	-	43.11			-	41.36			-	35.75
Tangible book value per common share	-	43.11			-	41.36			-	35.75
Basic weighted average common shares		2,816,682				2,811,928				2,806,478
Diluted weighted average common shares		2,818,188				2,813,693				2,809,382
Common shares outstanding at period end		2,888,834				2,887,734				2,876,939
Selected Balance Sheet Data
Tangible common equity ratio		9.11	-			8.71	-			8.19	-
Average Loans	-	803,039			-	823,521			-	692,158
Average earning assets (1)	-	1,338,849			-	1,356,740			-	1,200,600
Average total assets	-	1,376,052			-	1,392,439			-	1,229,283
Average shareholders' equity	-	122,335			-	119,503			-	100,564
Selected Asset Quality Measures
Nonaccrual loans	-	87			-	91			-	0
90+ days past due still accruing	-	29			-	29			-	0
Total nonperforming loans	-	116			-	120			-	0
Total nonperforming assets	-	116			-	120			-	0
Net charge offs (recoveries)	-	2			-	3			-	8
Nonperforming loans to assets		0.01	-			0.01	-			0.00	-
Nonperforming assets to total assets		0.01	-			0.01	-			0.00	-
Nonperforming assets to total loans and other real estate		0.01	-			0.01	-			0.00	-
Allowance for credit losses to total loans		0.92	-			0.91	-			0.97	-
Net charge offs to average loans		0.00	-			0.00	-			0.00	-
Capital Ratios (Bank Subsidiary Only)
Tier 1 leverage		9.27	-			8.85	-			9.36	-
Common equity tier 1		14.02	-			13.69	-			13.64	-
Total risk-based capital		14.92	-			14.58	-			14.53	-
Selected Performance Ratios
Efficiency ratio		49.11	-			49.80	-			52.66	-
Return on average assets		2.00	-			1.98	-			1.74	-
Return on average shareholders' equity		22.54	-			23.07	-			21.22	-
Return on average tangible common equity		22.54	-			23.07	-			21.22	-
Net interest margin		3.10	-			3.18	-			2.89	-
*The information is preliminary, unaudited and based on company data available at the time of presentation.
(1) Average earning assets is the daily average of earning assets. Earning assets consists of loans, mortgage loans held for sale, federal funds sold, deposits with banks, and investment securities.

Truxton Corporation
Yield Tables
For The Periods Indicated
(000's)
(Unaudited)
The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest earning assets and interest-bearing liabilities and the average interest rate for interest earning assets and interest-bearing liabilities, net interest spread and net interest margin for the periods indicated below:
	Three Months Ended				Three Months Ended				Three Months Ended
	June 30, 2026*				March 31, 2026*				June 30, 2025*
	Average Balances	Rates/Yields (%)	Interest Income/ Expense		Average Balances	Rates/Yields (%)	Interest Income/ Expense		Average Balances	Rates/Yields (%)	Interest Income/ Expense
Earning Assets
Loans	$803,039	6.04	$12,092		$823,521	6.00	$12,186		$692,158	6.15	$10,609
Loan fees	$0	0.13	$256		$0	0.13	$266		$0	0.16	$272
Loans with fees	$803,039	6.17	$12,348		$823,521	6.13	$12,452		$692,158	6.31	$10,881
Federal funds sold	$4,380	3.68	$41		$6,292	3.64	$57		$2,385	3.98	$24
Deposits with banks	$28,022	3.61	$252		$20,554	4.02	$204		$30,374	4.22	$315
Investment securities - taxable	$436,307	4.95	$5,400		$440,590	5.02	$5,527		$427,467	4.97	$5,308
Investment securities - tax-exempt	$67,101	5.40	$607		$65,783	5.40	$595		$48,216	4.67	$377
Total Earning Assets	$1,338,849	5.67	$18,648		$1,356,740	5.69	$18,835		$1,200,600	5.71	$16,905
Noninterest earning assets
Allowance for credit losses	($7,944)				($8,139)				($6,705)
Cash and due from financial institutions	$5,383				$6,656				$5,148
Premises and equipment	$2,743				$2,873				$3,129
Accrued interest receivable	$4,363				$4,440				$4,049
Other assets	$44,387				$38,479				$41,489
Unrealized loss on investment securities	($11,729)				($8,610)				($18,427)
Total Assets	$1,376,052				$1,392,439				$1,229,283
Interest-bearing liabilities
Interest-bearing demand	$384,078	2.82	$2,698		$374,448	2.78	$2,566		$330,353	3.01	$2,479
Savings and money market	$279,119	2.48	$1,729		$256,237	2.43	$1,535		$256,265	2.72	$1,740
Time deposits - retail	$8,812	3.23	$71		$9,446	3.14	$73		$12,687	3.17	$100
Time deposits - wholesale	$356,978	3.85	$3,425		$422,593	3.61	$3,767		$319,443	4.27	$3,398
Total interest-bearing deposits	$1,028,987	3.09	$7,923		$1,062,724	3.03	$7,941		$918,748	3.37	$7,717
Federal Home Loan Bank advances	$67,319	3.72	$633		$49,778	3.75	$466		$40,560	4.23	$433
Subordinated debentures	$0	0.00	$0		$0	0.00	$0		$14,536	5.12	$189
Other borrowings	$7,364	1.48	$28		$5,243	0.71	$9		$11,190	4.55	$107
Total borrowed funds	$74,683	3.50	$661		$55,021	3.46	$475		$66,286	4.35	$729
Total interest-bearing liabilities	$1,103,670	3.12	$8,584		$1,117,745	3.05	$8,416		$985,034	3.44	$8,446
Net interest rate spread		2.55	$10,064			2.64	$10,419			2.27	$8,459
Non-interest bearing deposits	$141,300				$147,535				$138,929
Other liabilities	$8,747				$7,656				$4,756
Shareholders' equity	$122,335				$119,503				$100,564
Total Liabilities and Shareholders' Equity	$1,376,052				$1,392,439				$1,229,283
Cost of funds		2.76				2.70				3.01
Net interest margin		3.10				3.18				2.89
*The information is preliminary, unaudited and based on company data available at the time of presentation.
Yield Table Assumptions - Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes are allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category.

Truxton Corporation Yield Tables For The Periods Indicated (000's) (Unaudited)
The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest earning assets and interest-bearing liabilities and the average interest rate for interest earning assets and interest-bearing liabilities, net interest spread and net interest margin for the periods indicated below:
	Six Months Ended				Six Months Ended
Earning Assets	June 30, 2026*				June 30, 2025*
	Average Balances	Rates/Yields (%)	Interest Income/ Expense		Average Balances	Rates/Yields (%)	Interest Income/ Expense
Loans	$813,223	6.02	$24,278		$690,759	6.10	$20,909
Loan fees	$0	0.13	$522		$0	0.10	$543
Loans with fees	$813,223	6.15	$24,800		$690,759	6.20	$21,452
Federal funds sold	$5,330	3.65	$98		$2,844	4.08	$58
Deposits with banks	$24,309	3.78	$456		$30,067	4.33	$646
Investment securities - taxable	$438,437	4.98	$10,927		$359,662	4.83	$8,679
Investment securities - tax-exempt	$66,446	5.40	$1,202		$40,277	4.15	$559
Total Earning Assets	$1,347,745	5.68	$37,483		$1,123,609	5.64	$31,394
Noninterest earning assets
Allowance for credit losses	($8,041)				($6,662)
Cash and due from financial institutions	$6,016				$11,202
Premises and equipment	$2,807				$3,189
Accrued interest receivable	$4,401				$3,829
Other assets	$41,449				$56,514
Unrealized loss on investment securities	($10,178)				($17,850)
Total Assets	$1,384,199				$1,173,831
Interest-bearing liabilities
Interest-bearing demand	$379,290	2.80	$5,264		$328,583	3.02	$4,927
Savings and money market	$267,741	2.46	$3,264		$242,859	2.68	$3,226
Time deposits - retail	$9,127	3.19	$144		$12,825	3.39	$216
Time deposits - wholesale	$389,604	3.72	$7,192		$280,768	4.27	$5,948
Total interest-bearing deposits	$1,045,762	3.06	$15,864		$865,035	3.34	$14,317
Federal Home Loan Bank advances	$58,597	3.73	$1,099		$30,521	4.12	$632
Subordinated debentures	$0	0.00	$0		$14,611	5.13	$377
Other borrowings	$6,310	1.16	$37		$10,309	4.34	$167
Total borrowed funds	$64,907	3.48	$1,136		$55,441	4.22	$1,176
Total interest-bearing liabilities	$1,110,669	3.08	$17,000		$920,476	3.39	$15,493
Net interest rate spread		2.60	$20,483			2.24	$15,901
Non-interest bearing deposits	$144,400				$132,532
Other liabilities	$8,203				$4,886
Shareholders' equity	$120,927				$115,937
Total Liabilities and Shareholders' Equity	$1,384,199				$1,173,831
Cost of funds		2.73				2.96
Net interest margin		3.14				2.86
*The information is preliminary, unaudited and based on company data available at the time of presentation.
Yield Table Assumptions - Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes are allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category.